- Okapi Resources (OKR) has entered a trading halt ahead of a capital raise and potential acquisition of a project
- The company will remain in the trading halt until the earlier commencement of trading on Thursday, December 17, unless details are announced sooner
- Earlier this month, Okapi announced an amendment to a farm-in deal with Lithium Australia (LIT)
- The original deal included seven WA-based tenements, however, this has now been brought down to one to save costs and focus on high-priority targets
- Okapi has the right to earn a 75 per cent interest in the mineral rights (excluding lithium) over a tenement by spending up to $800,000 within four years
- Okapi Resources last traded at 21 cents on Friday, December 11
Okapi Resources (OKR) has entered a trading halt ahead of a capital raise and potential acquisition of a project.
The company will remain in the trading halt until the earlier commencement of trading on Thursday, December 17, unless details are announced sooner.
Okapi Resources owns the Crackerjack Project which is located around 85 kilometres southwest of Halls Creek, Western Australia.
Earlier this month, Okapi announced an amendment to a binding farm-in agreement signed with Lithium Australia (LIT) in September.
The original agreement included seven tenements over the Mount Day and Medcalf project areas in Western Australia.
However, the farm-in will now focus solely on one tenement within Medcalf. The revised deal allows Okapi to focus on gold targets that are high-priority while reducing expenditure requirements.
Okapi has the right to earn a 75 per cent interest in the mineral rights (excluding lithium) over tenement E63/1903 by spending up to $800,000 within four years from the amended date.
The ASX-lister is also evaluating a number of other projects.
Okapi Resources last traded at 21 cents on Friday, December 11.